Steel maker Steel Dynamics said Tuesday it will build a new heat-treating system capable of producing 350,000 tons of steel per year at its structural and rail division facility in Columbia City, Ind.
The system will be used to make steel rails for the railroad industry. The company said it will be able to roll out rails up to 320 feet long.
Steel Dynamics said it expects to start construction in the first quarter of 2013 and expects the system to be at full capacity in early 2016. The company said it will invest about $27 million in the work and said the new system will create about 40 new full time jobs.
Shares of Steel Dynamics fell 38 cents, or 2.9 percent, to $12.53 on Tuesday. The stock has traded between $10.11 and $16.66 in the past 52 weeks, and is down about 4.7 percent since the start of the year.